natural gas prices

Oil prices have been in freefall in recent months, dropping by more than half since June. For energy states like Wyoming, that’s bad news. As Governor Matt Mead pointed out recently, the state has a lot of money riding on oil.

This is not the first time Wyoming has weathered a downturn. In fact, for those who can remember all the way back to 2009 and crashing natural gas prices, today’s news may seem like deja vu. Booms and busts are part of the state’s economy. But do they have to be?

The price of natural gas has fallen below $2 per 1,000 cubic feet for the first time in more than a decade. The U.S. supply of natural gas is growing so fast that analysts worry the country's underground storage facilities could be full by fall and lead to further price declines. On Wednesday, the futures price of natural gas fell to $1.984per 1,000 cubic feet, its lowest level since January 28, 2002, whenit hit $1.91. There is so much natural gas being produced - and still in the

Wyoming continues to monitor slumping natural gas prices that officials say threaten to cost the statemillions in lost tax revenues.

The Wyoming Tribune Eagle reports that natural gas prices averaged $2.10 per thousand cubic feet at theOpal Hub in western Wyoming through the first few weeks of March. That's down from $2.52 in February. This time last year, gas prices averaged nearly $3.80 per thousand cubic feet.